Yellen-The New Inmate Running the Fed
Posted by Martin C. Fox on February 14, 2014
I have heard it said that Janet Yellen, new head of the federal print shop, is like Bernanke on steroids.
My take is she does what is expected, believes what she is expected to believe and won’t do anything that may cause her new power to be taken.
More like a submissive on a leash than on steroids. None the less her recent pronouncements are just so Bernanke.
Quantitative easing is such a success. Except at the mere utterance of the word “reduce” the stock market takes a 300 point dump. Oh ye of little faith.
Unemployment figures are down a point and a half. The figures are down but the reality isn’t. What of the multitudes that have dropped out of the system? Best not mention that.
Not a word about when the free money stops and the interest has to be paid.
Thankfully she didn’t mention the Fed’s “tools”. They wore out long ago except the one that turns on the presses.
One problem is the (Ex Goldman Sachs) inmates running the asylum (the FED) are making a bundle for themselves and their brethren on our pound of flesh. A free market to them is like a cross to a vampire. Crony capitalism. It is why the Fed was created.
The other problem is these guys have been taught and teach Keynesism is the end all and be all. They can’t face the fact that Keynes is a false god. The Yellens, Bernankes and Krugmans won’t admit that their careers and doctorate thesis have been based on a lie. No matter that it becomes more apparent every day.
Don’t count on Congress to deal with reality. They don’t have the know-how nor the intestinal fortitude. Besides when the next recession hits, and it will because we are watching the equivalent of Housing Bubble II, Congress can blame the Fed.
What to do? There will be a another massive correction. We can’t stop that but we can reduce the chances it will happen again.
There might be a few good eggs in Congress. Not enough to worry about. The first step is to vote every one of them out. We now have progressives and neo-cons watching our backs. It is the best place to be to insert that hot poker. We don’t need more scar tissue.
The next step is to ratchet up our freedom and the chances for success. That means drastically reducing government.
Get back to basics. Government should provide a strong DEfense, not offense. A judicial system that enforces contracts. And not much else.
Eliminate the department of education, FBI, CIA, ATF, IRS, FCC, NSA, militarized police, Audit the Fed and war department. End the Fed. Send Joe the Plumber in Fort Knox to see if there is any gold left. The Germans sure don’t think there is. I would take Joe’s word over anyone else in Washington. Curb the expanding power of the executive branch. Get supreme court justices that actually work to the Constitution.
Libertarians and Constitutionalists are the only one are your side. Learn what they have to say. Get past the “Libertarians, they are for anything goes” line people who don’t have the foggiest use.
Quit watching TV news and go on-line. Read/watch everything you can. Find places that send a message that makes sense. Ron Paul is a good place to start. So are the places listed in the right hand column and the people on the left side. I am finding more great sources all the time. So should you. Today I read where Paul Craig Roberts thinks Russia Today (RT) is the best English language news source! Whodathunkit?
Janet Yellen is a bobble head. We need to be shed of her and the Fed.
Be seeing you